How I Made It: Peter Matthews, founder of the Squid card

Peter Matthews on how Oyster travel cards inspired his corporate smartcard firm, which lets customers pay with a swipe

Peter Matthews’ smartcard business had sales of £7.7m last year (Julian Andrews)

Swiping his Oyster travel card at Victoria underground station, Peter Matthews
was struck by how simple it was to pay for a journey. That system of money
transfer could work elsewhere, he thought.

Three years later, in 2005, Matthews set up Squid card, an electronic payment
card that has become popular in universities and businesses. Like Oyster,
customers can top it up and pay for items with one swipe.

Growing interest from investors prompted Matthews to merge with another
smartcard supplier, Applied Card Technologies (ACT), forming the Smart
Transactions Group last April. The company, which employs 120 and is based
at Thames Ditton, Surrey, had sales of £7.7m last year.

The Squid card has also attracted the attention of an American charity, SOS,
which uses the system to distribute aid to 1,500 families in Kenya. The aim
is to ensure that money is allocated properly and that cash is not